In today's market, the inventory of homes for sale is on the low end, making it a seller’s market.
The available supply of existing, single-family detached homes for sale ended 2014 with a four-month supply, meaning it would take approximately four months to sell all the homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
What does this mean for you as a seller?
It means competition is steep for buyers, who often have to make quick decisions or risk losing out on a home they love. As a seller, you may find yourself in a multiple-offer situation and needing to rely on your REALTOR® for advice and guidance on which offer to accept, which ones are worth a counteroffer, and which ones should be rejected.
As a seller, here are some important steps to consider:
Price Your Home
Working with a REALTOR® knowledgeable in your neighborhood is the best way to ensure you list your home at the right price.
A REALTOR® can provide you with a Competitive Market Analysis (CMA) for your home that will give you a current account of sales and listing activity in your area to help you determine a fair asking price. The CMA also may compare your home to those similar in age and size.
Market Your Home
In today's market, it may be enough to simply put up a "for sale" sign in your front yard, but most REALTORS® also will create brochures, fliers, postcards, and use other marketing tools such as online home-buying search engines. Roughly 37 percent of all buyers first go to the Internet when they begin searching for a home (source: NAR). A REALTOR® also can provide access to a multiple listing service and utilize other online tools to help put your home in front of the largest number of buyers and their agents as possible.
If you are selling your home with the intention of buying a new one, you may want to get preapproved for a mortgage loan before you put your home up for sale. This allows you to obtain a clear picture of your borrowing and buying power, ensures that you will be able to obtain financing to purchase your next home, and tells sellers you are a serious and qualified buyer.
The Value of Home Staging
Home staging can help your home stand out to buyers, resulting in a quicker sale and higher offers. Even small touches like removing family photos, diplomas, and other personal items make it easier for buyers to visualize themselves in your home. Before you put your home on the market, take an impartial look at your property, inside and out. Quick and inexpensive touch-ups that will give your house a polished look include fresh coats of neutral paint in the bedrooms, new cabinet knobs in the kitchen and bathrooms, and organized closets and cabinets.